ASF successfully issues a €500 million 10-year bond

4 May 2016 - 5:45 pm - Finances - France

VINCI announces the successful placement by ASF (Autoroutes du Sud de la France) of a €500 million bond issue maturing in May 2026 with an annual coupon of 1%.

The issue was more than 4 times oversubscribed, thus confirming investor confidence in the company’s credit quality, rated A- by Standard & Poor’s and Baa1 by Moody’s, with stable outlook.

The issue, part of the EMTN programme, is intended to refinance ASF’s existing debt. It enables the company to take advantage of excellent market conditions to continue to optimise the cost of its debt and lengthen its average debt maturity.

The lead managers were Banca IMI, Crédit Agricole CIB, HSBC, Mizuho, Morgan Stanley et Santander GBM and Unicredit.